All three players are out of contract but manager Harry Redknapp is keen to keep the experience the trio offer as his side attempt to establish themselves back in the Premier League.
Former England goalkeeper Green, 34, joined QPR on a free transfer from West Ham and has gone on to make 67 appearances for the club.
Hill, 35, has made 150 appearances for the club he joined from Crystal Palace in 2010 and had indicated an interest in moving into a coaching role.
Faurlin, 27, has been out of action since early November last year after suffering a second anterior cruciate ligament injury against Derby.
The Argentine has played 130 games for QPR since arriving from Instituto in 2009 and played a significant role in the club's promotion to the Premier League in 2011.
The Rs secured a return to the top flight at the first attempt after beating Derby in the Championship play-off at Wembley last month.